Oil Prices Rise on Middle East Tensions, Hormuz Disruptions Keep Markets Volatile

Mumbai, April 2026: Global crude oil prices edged higher on Friday as renewed attacks on Saudi energy infrastructure and continued uncertainty around the Strait of Hormuz unsettled markets, despite a temporary ceasefire announced by Donald Trump.

The international benchmark Brent crude climbed up to 1.13 per cent to reach $97.01 per barrel, while US West Texas Intermediate (WTI) rose 1.39 per cent to $99.24 in early trading. The uptick follows a recent dip, when prices fell nearly 20 per cent below the $100 mark earlier this week after hovering around that level since late February.

In India, crude oil futures on the Multi Commodity Exchange (MCX) also reflected the bullish sentiment. Contracts for April 20 delivery were trading at ₹9,222 around 10 a.m., marking a sharp intraday rise of ₹289 or 3.23 per cent.

The rebound in oil prices is largely driven by growing doubts over the durability of the US-Iran ceasefire. While the truce had briefly eased concerns, continued Israeli strikes in Lebanon and Iran’s move to restrict activity in the Strait of Hormuz have reignited fears of supply disruptions. The waterway, a critical artery for global oil shipments, has seen traffic fall to less than 10 per cent of its usual levels, according to shipping sources.

Market participants are also cautious as shipping companies await clearer terms of the ceasefire before resuming normal operations through the region. The uncertainty has added to volatility in global energy markets.

President Trump warned that any violation of the ceasefire terms could lead to a larger military response, though he expressed hope that such escalation could be avoided. He reiterated that the US remains committed to ensuring the Strait of Hormuz stays open and secure, with forces on standby if needed.

Looking ahead, the Asian Development Bank indicated that oil prices may remain elevated in the short term due to geopolitical tensions but could stabilise gradually if the situation improves.

Meanwhile, Indian equity markets showed resilience, with benchmark indices Sensex and Nifty trading about 1 per cent higher in early Friday sessions, supported by positive investor sentiment.